ENTREPRENEURIAL CREATIVITY DURING ECONOMIC DEPRESSION
History offers lessons for the present.
In a letter to W.E.B. Du Bois, Charles Clinton Spaulding argued that the Depression would cultivate a generation of superior business managers by forcing them to operate businesses more efficiently. His company, North Carolina Mutual Life Insurance Company, had suffered a series of economic setbacks during the 1930s, and he adjusted by trimming expenses--to name one example. I wonder what Spaulding might say about today’s economic bailouts.
To learn more about this African American entrepreneur, click here.
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Ralph E. Luker - 12/30/2008
The story in Durham is that NC Mutual and its related institutions, Farmers and Mechanics Bank and Mutual Savings and Loan Ass'n, did well enough during the depression years that their loans helped to keep some of the city's white businesses afloat, when they were about to go under.
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